Jonathan Wong
The Latest
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Ant Group to Buy 50.55% Stake in Bright Smart Securities for $362 Million to Expand Financial Services
Ant Group, the fintech affiliate of Alibaba Group, announced Friday it is acquiring a 50.55% controlling stake in Bright Smart Securities & Commodities Group for HK$2.81 billion ($362 million), marking its first direct entry into the brokerage business. 
Ant Group, the fintech affiliate of Alibaba Group, announced Friday it is acquiring a 50.55% controlling stake in Bright Smart Securities & Commodities Group for HK$2.81 billion ($362 million), marking its first direct entry into the brokerage business. -
Cheap Goods No More: Shein and Temu Raise Prices Before U.S. Tariffs Kick In
Shein and Temu raised prices on Friday ahead of sweeping new tariffs targeting Chinese imports, as American consumers brace for cost increases on popular low-cost goods. The price hikes come days before the May 2 expiration of the "de minimis" exemption, a rule that has allowed items under $800 to enter the U.S. without tariffs. 
Shein and Temu raised prices on Friday ahead of sweeping new tariffs targeting Chinese imports, as American consumers brace for cost increases on popular low-cost goods. The price hikes come days before the May 2 expiration of the "de minimis" exemption, a rule that has allowed items under $800 to enter the U.S. without tariffs. -
China EV Giant BYD Sees First-Quarter Earnings Surge 100% as Sales Top 1 Million Units
Chinese electric vehicle leader BYD reported a 100.4% jump in net income for the first quarter of 2025, earning RMB 9.16 billion ($1.26 billion) as the company accelerates a competitive push in China's rapidly evolving new energy vehicle (NEV) market. 
Chinese electric vehicle leader BYD reported a 100.4% jump in net income for the first quarter of 2025, earning RMB 9.16 billion ($1.26 billion) as the company accelerates a competitive push in China's rapidly evolving new energy vehicle (NEV) market. -
Merck Warns $200 Million Tariff Hit in 2025 as Trump Threatens New Pharma Levies
U.S. pharmaceutical giant Merck has warned that existing tariffs imposed by the Trump administration will cost the company an additional $200 million this year, adding to a mounting industry backlash against protectionist trade measures targeting the global drug supply chain. 
U.S. pharmaceutical giant Merck has warned that existing tariffs imposed by the Trump administration will cost the company an additional $200 million this year, adding to a mounting industry backlash against protectionist trade measures targeting the global drug supply chain. -
Boeing CEO: China Sending Back Jets as U.S.-China Trade Fight Hits Aviation Sector
Boeing CEO Kelly Ortberg confirmed Wednesday that China has halted deliveries of its aircraft due to ongoing trade tensions with the United States, forcing the company to reroute jets originally built for Chinese airlines. The development marks one of the most direct commercial blows to U.S. industry stemming from President Donald Trump's escalating tariff war with Beijing. 
Boeing CEO Kelly Ortberg confirmed Wednesday that China has halted deliveries of its aircraft due to ongoing trade tensions with the United States, forcing the company to reroute jets originally built for Chinese airlines. The development marks one of the most direct commercial blows to U.S. industry stemming from President Donald Trump's escalating tariff war with Beijing. -
Southwest Joins Airline Retreat, Pulls Forecast and Cuts Flights Amid Macroeconomic Strain
Southwest Airlines withdrew its multi-year financial forecasts and announced plans to reduce capacity in the second half of 2025, joining a growing list of major U.S. carriers scaling back amid rising economic uncertainty and weakening domestic travel demand. The move marks a dramatic reversal for the airline industry, which just months ago had been projecting a prolonged recovery fueled by strong post-pandemic demand. 
Southwest Airlines withdrew its multi-year financial forecasts and announced plans to reduce capacity in the second half of 2025, joining a growing list of major U.S. carriers scaling back amid rising economic uncertainty and weakening domestic travel demand. The move marks a dramatic reversal for the airline industry, which just months ago had been projecting a prolonged recovery fueled by strong post-pandemic demand. -
Boeing Cuts Losses to $31 Million, Eyes FAA Approval to Boost 737 Max Output to 42 Per Month
Boeing Co. is preparing to seek Federal Aviation Administration approval to increase monthly production of its 737 Max aircraft to 42 units later this year, as the aerospace giant posted a narrower first-quarter loss and saw revenue rise amid improved jet deliveries. 
Boeing Co. is preparing to seek Federal Aviation Administration approval to increase monthly production of its 737 Max aircraft to 42 units later this year, as the aerospace giant posted a narrower first-quarter loss and saw revenue rise amid improved jet deliveries. -
EU Fines Apple and Meta Nearly $800 Million Under Digital Markets Act
The European Union on Wednesday fined Apple and Meta a combined €700 million-approximately $800 million-in the first significant enforcement action under its new Digital Markets Act, escalating tensions with Washington amid U.S. complaints over alleged "extortion" of American tech firms. 
The European Union on Wednesday fined Apple and Meta a combined €700 million-approximately $800 million-in the first significant enforcement action under its new Digital Markets Act, escalating tensions with Washington amid U.S. complaints over alleged "extortion" of American tech firms. -
Walgreens to Pay $350 Million in DOJ Settlement Over Illegal Opioid Prescriptions
Walgreens has agreed to pay up to $350 million to resolve allegations by the U.S. Department of Justice that it illegally filled millions of prescriptions for opioids and other controlled substances over more than a decade. The agreement, announced Friday, includes a $300 million baseline payment, with an additional $50 million due if the company is sold, merged, or transferred before 2032. 
Walgreens has agreed to pay up to $350 million to resolve allegations by the U.S. Department of Justice that it illegally filled millions of prescriptions for opioids and other controlled substances over more than a decade. The agreement, announced Friday, includes a $300 million baseline payment, with an additional $50 million due if the company is sold, merged, or transferred before 2032. -
FTC Sues Uber Over Uber One Subscription, Citing Unauthorized Charges and Cancellation Barriers
The Federal Trade Commission on Monday sued Uber Technologies Inc., alleging the ride-hailing giant engaged in deceptive billing practices and made it unreasonably difficult for users to cancel subscriptions to its Uber One membership service. The lawsuit, filed in federal court in San Francisco, marks the first major enforcement action by the FTC under President Donald Trump's second term. 
The Federal Trade Commission on Monday sued Uber Technologies Inc., alleging the ride-hailing giant engaged in deceptive billing practices and made it unreasonably difficult for users to cancel subscriptions to its Uber One membership service. The lawsuit, filed in federal court in San Francisco, marks the first major enforcement action by the FTC under President Donald Trump's second term.
